Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 10 INVESTMENT IN ASSOCIATES (CONTINUED) (a) Quoted shares – Petra Energy Berhad (continued) Sensitivity As at 31 December 2023, an increase of 1% in pre-tax discount rate, with all other inputs remaining constant, will not result in a material effect on the Group’s impairment charge. (b) Unquoted shares – Evraz Wasco Pipe Protection Corporation (“EWPPC”) In the previous financial year, due to imposition of international prohibitions on certain linked individuals, the Group recorded a reduction of USD8,986,000 (equivalent to approximately RM39,537,000) on the carrying amount of its investment in EWPPC. This will be written back when the international prohibitions are subsequently removed. Impairment of investment in associates The movements for allowance for impairment losses on investment in associates during the financial year are as follows: Group 2023 2022 RM’000 RM’000 At 1 January 55,133 14,606 Impairment loss recognised - 39,537 Effect of exchange rate changes 2,272 990 At 31 December 57,405 55,133 221 Wasco Berhad
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